Stocks Down Modestly; Regeneron Jumps, But Hibbett Slides

Stocks showed slight losses around midafternoon Friday, as they failed to hold gains that came after congressional leaders sounded upbeat about avoiding the fiscal cliff.

The Nasdaq dipped a fraction, the S&P 500 shed 0.1% and the Dow Jones industrial average lost 0.2%. Volume was tracking higher from Thursday's levels across the board. For the week, each index is on pace to lose between 1.7% and 2.1%.

Talks took place in Washington over averting the fiscal cliff, and congressional leaders described them as "constructive" at a news conference just before noon ET. "I believe we can do this," House Speaker John Boehner said.

On the earnings front, Hibbett Sports (HIBB) lost 3% in big volume after its third-quarter report. The sporting goods retailer lifted Q3 EPS 20% to 71 cents, beating forecasts, but revenue just matched estimates as it grew 10% to $203 million. Hibbett's full-year EPS target was roughly in line with expectations. The stock stands below its 50-day and 200-day moving averages, and it has been moving sideways since May. Its IBD Composite Rating is 82 out of a best-possible 99.

On the upside, Regeneron Pharmaceuticals (REGN) surged 12%, helped by news that its cancer drug, Zaltrap, has won European Union approval. Regeneron and French drugmaker Sanofi (SNY) share profits from Zaltrap. Regeneron, which sports a 97 Composite Rating, has rocketed back above its 50-day line.

Apple (AAPL) was about flat amid big turnover. It had been down nearly 4% in the morning, then briefly turned positive. The stock found buyers as it neared the 500 level, but it still remains about 25% off its September high.

Ruckus Wireless (RKUS) fell about 9% in its debut on the NYSE, after shares priced at 15 each, the high end of the expected range. IBD has long advised that investors wait at least a few weeks until a new issue sketches its first consolidation before considering buying shares. Some IPOs have been postponed this month, but the networking equipment maker went ahead, as IBD noted in a recent article.

Stocks showed slight losses around midafternoon Friday, as they failed to hold gains that came after congressional leaders sounded upbeat about avoiding the fiscal cliff.

The Nasdaq dipped a fraction, the S&P 500 shed 0.1% and the Dow Jones industrial average lost 0.2%. Volume was tracking higher from Thursday's levels across the board. For the week, each index is on pace to lose between 1.7% and 2.1%.

Talks took place in Washington over averting the fiscal cliff, and congressional leaders described them as "constructive" at a news conference just before noon ET. "I believe we can do this," House Speaker John Boehner said.

On the earnings front, Hibbett Sports (HIBB) lost 3% in big volume after its third-quarter report. The sporting goods retailer lifted Q3 EPS 20% to 71 cents, beating forecasts, but revenue just matched estimates as it grew 10% to $203 million. Hibbett's full-year EPS target was roughly in line with expectations. The stock stands below its 50-day and 200-day moving averages, and it has been moving sideways since May. Its IBD Composite Rating is 82 out of a best-possible 99.

On the upside, Regeneron Pharmaceuticals (REGN) surged 12%, helped by news that its cancer drug, Zaltrap, has won European Union approval. Regeneron and French drugmaker Sanofi (SNY) share profits from Zaltrap. Regeneron, which sports a 97 Composite Rating, has rocketed back above its 50-day line.

Apple (AAPL) was about flat amid big turnover. It had been down nearly 4% in the morning, then briefly turned positive. The stock found buyers as it neared the 500 level, but it still remains about 25% off its September high.

Ruckus Wireless (RKUS) fell about 9% in its debut on the NYSE, after shares priced at 15 each, the high end of the expected range. IBD has long advised that investors wait at least a few weeks until a new issue sketches its first consolidation before considering buying shares. Some IPOs have been postponed this month, but the networking equipment maker went ahead, as IBD noted in a recent article.

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